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Abstract：
In this paper, we examine the Moderating Role of Governance on the Relationships between social inclusion (SI), Information and communication technology infrastructure (ICT), and financial inclusion (FI) in 46 countries representing a global sample span from 2010 to 2020. We collect the data from the IMF\'s financial access survey and construct a multidimensional FI index. Based on the FI index, we divide the sample into two sub-samples (med-high level and low-level FI countries). For the empirics, we employed panel-corrected standard errors, fully modified ordinary least squares and dynamic ordinary least squares techniques. We find that SI is negatively related to FI. ICT infrastructure positively influences FI. Further, we find that governance with sound ICT infrastructure and socially inclusive communities enhances FI. The findings of sub-samples are similar to the full sample results except for a promoting effect of SI and governance in the case of med-high financially inclusive economies. Moreover, the Interaction term of governance and ICT infrastructure is insignificant in med-high financially inclusive economies and negatively significant in low financially inclusive economies. Our study reports novel findings which have significant implications for policymakers and financial institutions to effectively develop and implement new policies which strengthen the institutional base, develop digital banking infrastructure, enhance SI to boost up FI and ensure sustainable economic growth.
摘要：
在本文中,我们考察了治理对社会包容(SI)、信息和通信技术基础设施（ICT），和46个国家的金融包容性(FI)，代表2010年至2020年的全球样本范围。我们从国际货币基金组织的金融准入调查中收集数据，并构建了多维FI指数。根据FI指数，我们将样本分为两个子样本(中高水平和低水平FI国家)。对于经验，我们采用面板校正的标准误差，完全修改普通最小二乘和动态普通最小二乘技术。我们发现SI与FI呈负相关。ICT基础设施对FI产生积极影响。Further,我们发现，拥有健全的ICT基础设施和具有社会包容性的社区的治理增强了FI。子样本的发现与全样本结果相似，除了在高财务包容性经济体中SI和治理的促进作用。此外，治理和ICT基础设施的相互作用术语在财务包容性高的经济体中微不足道，而在财务包容性低的经济体中具有负面影响。我们的研究报告了新的发现，这些发现对政策制定者和金融机构有效制定和实施加强制度基础的新政策具有重大影响。发展数字银行基础设施，提高SI以提高FI并确保可持续的经济增长。
